The country’s chief economist said he would stick with the official 4- to 5-percent economic growth target for this year, despite the bleak outlook painted by several institutions. | bendeveraINQ
\In a press briefing Tuesday night, IMF chief economist Gita Gopinath noted that the Philippines “was hit hard by the second wave [of COVID-19 infections], but they had additional supplementary budgets rolled out that helped in terms of the recovery.”
“The Philippines is coming out of a very steep contraction last year. The recovery is underway. We expect the economy to grow 3.2 percent this year, but we have downgraded the projection for this year because of developments in the second quarter when the pandemic took a turn for the worse and caseloads went up,” Nabar said.
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